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The special investigation team (SIT) on black money met on Tuesday to discuss the estimates of illicit fund in the country as per the report prepared by NIPFP and NCAER.

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Official sources said that the SIT met in the morning and also took up the issues on which immediate actions can be taken by the government.

The SIT, which was one of the first decisions taken by the BJP-led government soon after coming to power, is being headed by former Supreme Court judge MB Shah. It had held its first meeting on June 2 to work out the modalities for a way forward.

The team has representations from all investigative agencies including the Directorate of Revenue Intelligence, CBI, R&AW, Narcotics Control Bureau, Financial Intelligence Unit and Enforcement Directorate besides the revenue secretary, a nominated deputy governor of the RBI, the chairperson of CBDT and joint secretary of foreign tax as its members. It was formed following the May 23 order of the SC which had said that May 28 would be the last date for formation of SIT.

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The SIT has jurisdiction over all the cases, where investigation has already commenced or pending or awaiting to be initiated or has completed, with regard to cases of illicit funds parked overseas in tax havens.

The next meeting is scheduled to be held in the third week of the month now, the sources said.